- Bitcoin has surged by 1.04% over the past day.
- The king coin must hold above $96k to reinforce bullish sentiments.
Over the past week, Bitcoin [BTC ($95,710.44)] remained stuck within a consolidation range, as the king coin failed to maintain an upward momentum and reclaim higher resistance.
As such, it has continued to hover around $96k, making it a critical point for STHs, according to CryptoQuant analyst Shayan.
Why $96k is key for Bitcoin
In his analysis, Shayan observed that Bitcoin’s realized price for the 1–3 month cohort sat at $96k.
Historically, when BTC declines to this level after an uptrend, it acts as critical support, suggesting that STHs are confident with their positions despite the surging prices.
